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Titan closes the book on purchase in Australia

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The agreement between Titan International Inc. and Planet Corporation Group has been finalized.

Titan has acquired 56% of the corporation for $22.9 million -- and paid off its outstanding credit facilities of $10.5 million at closing. Titan signed the agreement in July.

Planet generated more than $75 million in sales in the last 12 months and approximately $10 million of EBITDA  (earnings before interest, taxes, depreciation and amortization) in 2011. National Tyres, Acme Wheel & Rim Co., Resource Tyre Co. and Choice Tyre Wholesalers are part of the group.

Planet is an OTR tire and wheel specialist that manufactures, distributes and services products to customers in the mining, agriculture, construction and earthmoving industries. Planet will be a subsidiary of Titan Mining Services, which was formed recently to build Titan’s mining business around the globe.

Titan International Inc. posted net income of $44.3 million on net sales of nearly $460 million for its second quarter ended June 30, 2012. Click here to read more about Titan's latest finacial results.

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